Chart USD/CNH Update: Edged to fresh year low
Pressure remains on the downside as prices edged lower to reach fresh year low at 6.7150
| Level | Imp | Comment | Level | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.7800 | ** | 3 Jul low | S1 | 6.7150 | intraday low | ||
| R3 | 6.7630 | * | 21 Jul low | S2 | 6.7000 | ** | 2023 year low | |
| R2 | 6.7540 | ** | Jun low | S3 | 6.6670 | * | 15 Jun 2022 low | |
| R1 | 6.7400 | 7 Aug low, congestion | S4 | 6.6500 | * | congestion |
Asterisk denotes strength of level
02:50 GMT - Pressure remains on the downside as prices edged lower to reach fresh year low at 6.7150. The negative daily and weekly studies keep focus firmly on the downside and suggest room to extend the bear trend from the April 2025 year high. Lower will see room to target the 6.7000, 2023 year low and wedge support from the March bounce high. However, bullish divergence building on weekly chart caution corrective bounce with resistance starting at 6.7400 low of 7 August. Above here will open up room for stronger corrective bounce to retrace losses from the 6.8200 June swing high to resistance at the 6.7540/6.7630 recent lows.